HORIZON 3 PLUS: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
HORIZON 3 PLUS
Largest movements
- Receivables within one year +€205,057
up €205,057 (+83.2%), from €246,536 to €451,593
of which Other amounts receivable: +€205,057
- Cash -€12,300
down €12,300 (-4.7%), from €259,757 to €247,457
mainly Receivables within one year (-€205,057) and Tax, wage and social debts (-€53,030)
- Tangible fixed assets +€12,166
up €12,166 (+12.8%), from €95,379 to €107,544
of which Other tangible fixed assets: +€23,111
- Profit (loss) carried forward +€201,163
up €201,163 (+46.3%), from €434,293 to €635,456
- Tax, wage and social debts -€53,030
down €53,030 (-92.5%), from €57,309 to €4,280
of which Remuneration and social security: -€53,433
- Other debts +€36,000
new in 2025: €36,000
- Trade debts +€21,891
up €21,891 (+30.7%), from €71,388 to €93,279
- Gross operating margin +€196,478
up €196,478 (+211%), from €93,156 to €289,634
- Staff costs -€20,128
down €20,128 (-94.2%), from €21,367 to €1,240
- Taxes -€19,820
down €19,820 (-59.6%), from €33,271 to €13,450
- Depreciation +€12,884
up €12,884 (+57.9%), from €22,250 to €35,134
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €609,392 | €815,417 | +€206,025 | +33.8% |
| Fixed assets | 21/28 | €95,880 | €108,196 | +€12,316 | +12.8% |
| Tangible fixed assets | 22/27 | €95,379 | €107,544 | +€12,166 | +12.8% |
| Plant, machinery and equipment | 23 | €9,853 | €9,853 | = | 0.0% |
| Furniture and vehicles | 24 | €24,722 | €13,777 | -€10,945 | -44.3% |
| Other tangible fixed assets | 26 | €60,804 | €83,915 | +€23,111 | +38.0% |
| Financial fixed assets | 28 | €501 | €651 | +€150 | +29.9% |
| Current assets | 29/58 | €513,512 | €707,222 | +€193,709 | +37.7% |
| Stocks and contracts in progress | 3 | €201 | €201 | = | 0.0% |
| Stocks | 30/36 | €201 | €201 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €246,536 | €451,593 | +€205,057 | +83.2% |
| Trade receivables | 40 | €9,225 | €9,225 | = | 0.0% |
| Other amounts receivable | 41 | €237,311 | €442,368 | +€205,057 | +86.4% |
| Cash at bank and in hand | 54/58 | €259,757 | €247,457 | -€12,300 | -4.7% |
| Deferred charges and accrued income | 490/1 | €7,018 | €7,971 | +€953 | +13.6% |
| Total equity and liabilities | 10/49 | €609,392 | €815,417 | +€206,025 | +33.8% |
| Equity | 10/15 | €447,893 | €649,056 | +€201,163 | +44.9% |
| Contributions | 10/11 | €13,600 | €13,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €434,293 | €635,456 | +€201,163 | +46.3% |
| Amounts payable | 17/49 | €161,500 | €166,362 | +€4,862 | +3.0% |
| Amounts payable within one year | 42/48 | €128,697 | €133,559 | +€4,862 | +3.8% |
| Trade debts | 44 | €71,388 | €93,279 | +€21,891 | +30.7% |
| Suppliers | 440/4 | €71,388 | €93,279 | +€21,891 | +30.7% |
| Taxes, remuneration and social security | 45 | €57,309 | €4,280 | -€53,030 | -92.5% |
| Taxes | 450/3 | €2,826 | €3,230 | +€403 | +14.3% |
| Remuneration and social security | 454/9 | €54,483 | €1,050 | -€53,433 | -98.1% |
| Other amounts payable | 47/48 | - | €36,000 | +€36,000 | |
| Accrued charges and deferred income | 492/3 | €32,802 | €32,802 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €21,367 | €1,240 | -€20,128 | -94.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,250 | €35,134 | +€12,884 | +57.9% |
| Other operating charges | 640/8 | €2,519 | €2,172 | -€347 | -13.8% |
| Non-recurring operating charges | 66A | - | €174 | +€174 | |
| Gross operating margin | 9900 | €93,156 | €289,634 | +€196,478 | +211% |
| Operating profit (loss) | 9901 | €47,019 | €250,913 | +€203,894 | +434% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €535 | €300 | -€236 | -44.0% |
| Recurring financial charges | 65 | €232 | €300 | +€67 | +28.9% |
| Non-recurring financial charges | 66B | €303 | - | -€303 | |
| Profit (loss) for the period before taxes | 9903 | €46,484 | €250,614 | +€204,130 | +439% |
| Income taxes | 67/77 | €33,271 | €13,450 | -€19,820 | -59.6% |
| Profit (loss) for the period | 9904 | €13,213 | €237,163 | +€223,950 | +1,695% |
| Profit (loss) for the period to be appropriated | 9905 | €13,213 | €237,163 | +€223,950 | +1,695% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.